Magic Labs has sold its wallet business to Payward, the company that owns the Kraken cryptocurrency exchange. The deal was announced Monday by Magic Labs co-founder and CEO Sean Li. Along with the sale, Magic Labs is rebranding itself as Newton Labs.
Sale to Payward
The transaction hands over Magic Labs' embedded wallet infrastructure to Payward. That infrastructure powers wallet features for apps including Polymarket and WalletConnect. Financial terms of the deal were not disclosed.
Rebranding as Newton Labs
With the wallet business sold, the company will now operate under the name Newton Labs. The rebranding signals a shift in focus for the firm, though Li did not detail what Newton Labs will work on next. The announcement came Monday, and the company said the transition is effective immediately.
The sale comes as the crypto industry continues to see consolidation among infrastructure providers. Payward, already a major player through Kraken, adds Magic Labs' wallet technology to its portfolio.
